The CEO of AstraZeneca (AZN.L), which is the UK's most valuable public company, would like to move the pharmaceutical giant's stock market listing to the US, The Times reported on Tuesday.
Pascal Soriot has even discussed moving AstraZeneca's domicile, according to the report, which cited multiple sources.
However, the sources reportedly said that Soriot was likely to face resistance from some of the board if he looked to make such a move, along with the UK government.
A spokesperson for AstraZeneca declined to comment when contacted by Yahoo Finance UK.
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The reports come as a number of UK-listed companies have decided to switch their primary listings to the US in recent years.
Michael Healy, UK managing director at IG, said: “Another week, another potential hammer blow to the UK stock market. Rumours that AstraZeneca could be eyeing a US listing show just how serious the situation has become.
“We’re in dangerous waters — London risks becoming a global backwater unless something changes fast. This isn’t just about one company; it’s about the UK’s ability to attract capital, support innovation, and get people excited about investing again.”
Shares in AstraZeneca were little changed on Wednesday morning and are down less than 1% year-to-date.
Shares in Corona beer-maker Constellation Brands dipped 1.5% in pre-market trading on Wednesday morning, after the company missed quarterly earnings estimates.
In results released after the bell on Tuesday, Constellation posted net sales of $2.52bn for the first quarter, which was below average analyst estimates of $2.55bn, according to LSEG-compiled data reported by Reuters.
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The company also reported comparable profit of $3.22 per share for the period, missing expectations of $3.31.
Bill Newlands, CEO of Constellation Brands, said that the company “continued to face softer consumer demand largely driven by what we believe to be non-structural socioeconomic factors”.
In addition, Constellation highlighted that its operating margin for its beer business had fallen in the first quarter to 39.1%, primarily due to an increase in the cost of goods sold, including from aluminium tariffs. US president announced last month plans to double tariffs on steel and aluminium from 25% to 50%.
Shares in Ford closed Tuesday's session up 4.6%, after the carmaker reported an increase in second quarter sales.
